ICBC Announces $110 Rebate To Drivers, Basic Rates Remain Unchanged

ICBC is providing a $110 rebate to eligible drivers.

“Six years of stable rates and the fourth rebate for drivers comes as a result of years of work turning ICBC around so that it actually works for people,” said Premier David Eby.

“On average, drivers have saved $2,000 in rebates and lower rates since our reforms to ensure that when auto insurance is properly managed, people in B.C. benefit.”

Additionally, basic rates will be maintained until March 31, 2026, marking six years in a row with no increases.

ICBC’s preliminary net income for the fiscal year 2023-24 is an estimated $1.5 billion.

The total amount of the rebate is $400 million, equivalent to $110 per eligible insurance policy. As the law now requires, the balance will stay with ICBC, aimed at stabilizing rates for drivers over the long term.

The final audited net income figure, along with a full financial summary of the fiscal year, will be released this summer.

All personal and commercial ICBC customers who had an active eligible basic insurance policy in February 2024 will receive the rebate, totalling roughly 3.6 million policies.

How drivers receive the rebate depends on how they have paid for their insurance. For people who paid by credit card, the rebate will be refunded to the credit card.

Those who paid by cash, cheque or debit can sign up for direct deposit or will receive a cheque from ICBC.

For people who are on a payment plan, the rebate will be applied directly to an upcoming payment.

To learn more, visit Government of British Columbia.